It’s no secret that buying a house is one of the most expensive and sometimes riskiest purchases you’ll ever make. You might think that buying a brand new property won’t come with any problems, but sadly, they can present issues to homebuyers too.
Some homebuyers might prefer to pay less for a property and know they must remodel and improve it to bring their new abode up to a habitable standard. After all, such purchases are well-informed because they already know about problems that need resolving?
If you’re planning to buy a fixer-upper for a bargain price, it’s worth knowing that there might be some hidden dangers and expenses resulting from your decision. Here are the most common things to look out for when buying a house that needs major renovation work:
It’s not unusual to find fixer-upper properties that have sustained some water damage in the past. The trouble is, the problems might not be evident as they could be lurking beneath the depths of your floorboards!
Before you reconnect the mains water supply to your project property, it first makes sense to conduct a thorough inspection of all water pipes. You may also need to call a water damage restoration company for help if there is a watery mess that needs properly cleaning up.
The thing about buying any house is you usually have no idea when the wiring was last renewed, if at all. As you know, electrical wiring only has a limited lifespan before it needs complete replacement.
If you try to power your new home on faulty wiring, the best-case scenario is that your appliances and equipment will not work. The worst-case scenario, of course, is that your project property could catch fire.
That’s why it makes sense to renew all wiring on any fixer-uppers, whether you have evidence of when the wiring got replaced or not. When you replace electrical wiring, you’ll also discover whether any uninvited guests like rodents have damaged it in the past.
Sometimes it can be challenging to find out why a house has been neglected. In many cases, it’s easy to work that out. For example, it might have been the home of an elderly person that has since passed away.
Or, it could have been a property kept in a family but seldom inhabited for various reasons. However, a home might have been abandoned due to neighbor disputes. It sounds strange, but people sometimes quit their homes because of crazy neighbors!
Before you agree to buy a fixer-upper, it makes sense to research the neighborhood and learn more about the previous occupants and their neighbors. That way, you can avoid properties where there might still be an ongoing feud.
When done right, buying a fixer-upper is a great investment idea. If you do much of the remodeling work yourself, you’ll save a ton of money. However, you should always conduct due diligence on any property for your peace of mind (and sanity!).